Solar energy sees record high installation in 2024

Installation of solar panels globally increased by more than 30% in comparison to 2023

In 2024, solar panel installations reached 597GW, which was a year-on-year increase of one third.

Of total renewable energy sources, solar energy accounted for 81%, and its worldwide share of electricity increased two-fold.

In 2024, total solar panel installation surpassed 2 TW, taking just 2 years to hit this milestone since 1 TW was achieved.

Solar energy currently is the fastest growing power source globally. From increased supply and technological advancements, solar has also seen a decrease in costs.

Current projections have solar installations at 655 GW in 2025, with an 8 TW target set for 2030, meaning consistent year-on-year increases is needed to reach this target.

Benefits of using solar panels

Impact on the environment – Solar power is widely considered one of the cleanest forms of energy available today. Unlike non-renewable sources, solar panels generate electricity without emitting greenhouse gases or polluting water, making them an environmentally responsible choice for businesses.

Reduce your energy bill – By producing electricity on-site from solar energy, your business can cut down on the amount of energy it needs to purchase from the grid, resulting in noticeable reductions in your utility bills.

Energy Production – Electricity usage typically is highest between late morning and mid-afternoon, as well as in the early evening when electricity prices are at their highest. Conveniently, solar panels generate the most power during these peak hours, allowing your business to rely on solar energy when it matters most and save on peak-time electricity rates.

Finance for your solar panel

Solar technology can significantly reduce your business’s electricity costs by up to 50%, whilst providing a greener, more sustainable source of power.

Instead of covering the full cost upfront, we offer tailored renewable energy financing solutions to help you invest in solar panels. Whether you're looking to install them on an office building or a warehouse, our renewable finance team are here to support you every step of the way.

How to apply for solar energy finance

MAF Finance Group can compare finance offerings from a wide selection of funders and banks to provide your business with a personalised financial solution.

If you would like to get a quote or need further information, fill out the enquiry form below and a member of our team will be in touch. If you want to speak directly to someone, call us on 0115 958 6872. Alternatively, email us at [email protected].